A new wave of six tidal lagoon power plants could contribute £27 billion to the UK economy over a 12-year period starting in 2015, according to a new study.
Plans for the world’s first tidal lagoon – a proposed £850 million project in Swansea Bay – are currently going through a phase of public examination.
The plant will enclose an 11.5 sq km area of the bay in a six-mile horseshoe shaped sea wall, using the ebb and flow of the tide to turn turbines and generate predictable renewable energy.
Tidal Lagoon Power Limited, the company that has put forward the plans, also hopes to build five more lagoons around the UK coastline within the next decade.
In a new study published on Wednesday by the Centre for Economics and Business Research (Cebr), analysts say these plants would add billions to Britain’s economy during the investment programme from 2015 to 2027.
Because many of the required components can be sourced from the UK, the study finds that tidal lagoons represent one of the best returns on investment in terms of GDP impact in the energy sector.
There would also be big potential for exports of up to £70 billion, as the UK could become a world leader in tidal lagoon technology.
Overall, the report says that six lagoons could create or sustain as many as 39,700 jobs while accounting for 0.24% of annual GDP. They could also sustainably provide as much as 8% of the UK’s electricity and build security of supply.
“The UK is losing its hard-fought energy independence and struggling to identify genuine drivers of growth. We’ve been here before,” said Douglas McWilliams, executive chairman and chief economist at Cebr.
“The response in the 1970s was to support a domestic offshore oil & gas industry which became a world leader and has delivered huge benefits to the UK economy.
“This report shows why today’s response to the same challenges to energy sovereignty and economic growth would do well to exploit the new opportunity presented by tidal lagoons.”
A separate report, recently published by Pӧyry Management Consulting, also concluded that further lagoon projects could provide energy significantly cheaper than offshore wind farms – the government’s preferred renewable energy source.
Should the plans receive approval, Tidal Lagoon Power Limited hope that construction will begin in Swansea in spring 2015, with the world’s first tidal lagoon-sourced electricity generated in 2018.
The project is expected to generate 495 gigawatt hours (GWh) of clean, green electricity for every year of its 120-year lifetime. That is enough for 155,000 homes – or about 11% of Wales’ domestic use.
“The UK will soon decide whether or not to embrace tidal lagoon infrastructure,” said Tidal Lagoon Power CEO Mark Shorrock.
“Having analysed all of the costs and all of the savings associated with this decision, this study clearly demonstrates that the annual benefits to the national economy would be enormous, immediate and long-lived.
“To realise this opportunity in full, we will have to marry economic benefit with environmental sensitivity and social acceptance.”
Photo: Tidal Lagoon Power Limited
Like our Facebook Page
How to Find an Eco-Friendly Termite Control Service Provider in Malaysia
Eco-Friendly Vegans Win Most Battles Not the War
3 Iconic Chicago Billboards Eco-Friendly Advertisers Can Learn from
EnviroSolar’s Abe Issa Discusses Success in Green Entrepreneurship
How Sports Could Be Impacted by Climate Change
What Eco-Friendly Patients Should Know about Online Therapy
6 Reasons Why Meal Delivery Services are Eco-Friendly
The Path for Retail’s Sustainable Future
4 Eco-Friendly Ways to Treat a Sinus Infection
4 Strategies for Eco-Friendly Real Estate Investors to Find Properties
How Managed Print Services Helps to Reduce Paper Waste
Why Scientists Are Concerned About ‘Forever Chemicals’ In Drinking Water
Meat Farming Is Only Getting Smarter, Easier & Eco-Friendlier
What is Eco-Friendly Homesteading and How Does it Affect Your Insurance?
Importance of Using a Water Purifier in an Area with High Pollution
Alternative Financing Ideas for Green Businesses that Shun Banks
Tencel Material Demand Shows Britain Is More Eco-Friendlier Than Ireland
How To Invest in Clean Energy Stocks in Only Five Easy Steps!
How To Secure Funding As An Eco-Entrepreneur?
4 Amazing Eco-Friendly Businesses Worth Starting in 2021
- Features8 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy9 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features8 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Invest10 months ago
The Eco-Friendly Evolution of Bitcoin Over the Years